Friday, November 19, 2010

Millionaire Tax Bracket

The rich are different. Among other things they are very good at sheltering income. Ezra Klein's suggestion of making a millionaire's tax bracket seems foolish as over time it won't get that much income as: 1. there are not a ton of millionaire's though with time there will be more; 2. Most millionaire's get their money in the form of capital gains which are taxed at a lower rate. If you want the super rich to pay a greater share of taxes then capital gains should be taxed as ordinary income.

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